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Working Paper
The determinants of the flow of funds of managed portfolios: mutual funds versus pension funds
Tkac, Paula A.; Del Guercio, Diane (2000)
Due to differences in financial sophistication and agency relationships, we posit that investors use different criteria to select portfolio managers in the retail mutual fund and fiduciary pension fund industry segments. We provide evidence on investors' manager selection criteria by estimating the relation between manager asset flow and performance. We find that pension fund clients use quantitatively sophisticated measures like Jensen's alpha, tracking error, and outperformance of a market benchmark. Pension clients also punish poorly performing managers by withdrawing assets under ...
FRB Atlanta Working Paper , Paper 2000-21

Journal Article
Current taxation of qualified pension plans: has the time come?
Munnell, Alicia H. (1992-03)
The U.S. Treasury estimates that personal income tax receipts in fiscal year 1992 would have been $51 billion higher without the special provisions accorded employer-sponsored pension plans. It is at best unclear that taxpayers are getting their moneys worth from this large tax expenditure. Despite a myriad of legislative changes, all of which combine to increase the likelihood that persons covered by pension plans will actually receive benefits, the U.S. pension system is still a very erratic and unpredictable way to provide retirement income and it benefits a relatively privileged subset of ...
New England Economic Review , Issue Mar , Pages 12-25

Conference Paper
The lender's view of debt and equity: the case of pension funds
Bodie, Zvi (1989)
Conference Series ; [Proceedings] , Volume 33 , Pages 106-135

Working Paper
Public policy toward pensions: why defined-contribution pensions dominate government-insured defined-benefit pensions
Mariger, Randall P. (1995)
Finance and Economics Discussion Series , Paper 95-3

Journal Article
Pension Gap Perils
Sen, Elif (2016-04)
Pennsylvania and New Jersey?s pension systems are severely straining their state budgets, and Delaware?s also carry shortfalls Are the significant shortfalls in tristate public pension funds actually far worse than official reports suggest?
Regional Spotlight , Issue Q2 , Pages 15-19

Working Paper
401(k)s and household saving: new evidence from the Survey of Consumer Finances
Pence, Karen M. (2002)
Although households have invested billions in 401(k) accounts, these balances may not be new saving if workers invest money that they would have saved in the program's absence. In this paper, I assess the effect of the 401(k) program on saving by comparing changes in the wealth of 401(k) eligible and ineligible households over the 1989-1998 period using data from the Survey of Consumer Finances (SCF). This comparison may yield misleading estimates of the effect of 401(k)s on saving if eligible households have a higher taste for saving than ineligible households or if they begin the 1989-1998 ...
Finance and Economics Discussion Series , Paper 2002-6

Journal Article
Public pension DOs and DON'Ts
Sass, Steven A. (1992-04)
Regional Review , Issue Spr , Pages 21-24

Working Paper
Do public pension obligations affect state funding costs?
Ergungor, O. Emre; Waiwood, Patricia; Burson, Jean; Carlson, John B. (2013)
States? unfunded pension obligations to their current and retired employees have exploded in recent years to levels that are estimated to be between $750 billion and $4.4 trillion. In theory, this massive debt should have implications for states? ability to meet their financial obligations and a measurable impact on funding costs. Yet, we find no evidence that municipal bond markets are pricing the risks to states? fiscal health arising from these large obligations.
Working Papers (Old Series) , Paper 1301

Journal Article
Estimating the funding gap of the Pension Benefit Guaranty Corporation
Hirtle, Beverly; Estrella, Arturo; Brehm, John A. (1988-10)
Quarterly Review , Volume 13 , Issue Aut , Pages 45-59

Speech
Demographic challenges to state pension systems around the world
Poole, William (2005)
Presentation to the Culver-Stockton College, Feb. 24, 2005
Speech , Paper 8

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